Cycle Trading

[Duma]

I hope you are right. I really haven't paid much attention to gap coverings, so I am glad you brought it up. As I rely less and less on TA's and more on plain price action, gaps sure fit into that.

As I said yday, I entered at what looked like the start of wave 3. Gap up this morning pretty much confirmed that (wave 3 likes to gap at least once or twice). Prices are dropping AH, so I am wondering if this is a set up for wave 4?

But so far so good. In at 115.91 and with a close today at 124.30, that is a whopping 8.39 point gain, or 2.4% 1x.

We had another nice higher high from the pb going into the 11 hour. Then prices really accelerated after breaking through the resistance just under 121. Then another higher high was formed at 122, but I think it could easily be retested or even broken.

M65 has not even crossed zero yet, so we are still in AC (accumulation) and CCI 205 is also only crossing zero. However runs can and do get cut short, so just have to watch the price action.

I have noticed in the past how trend lines usually work well after wave 2. If that is true then my count could be early. w1 would be the high at the open and w2 would be the 11am pb. Don't know which is right yet, not important to my trading.

Here is a bad thought. Since we had a 5 wave down ending early yday, today could have ended a 3 wave counter wave and now we head down.

Lots of possibilities so all one can do is trade the chart as one see it as it prints.

Sorry to be so long, but the longer I look at a chart the more it talks to me.